Finance
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Car buying advice to my future self
I wrote this out in an online debate – preserved here for posterity
The main reason IMO for buying new, for me – (note, I’m assuming you’re doing to hold the car for ten years) when combined with the option of non-seller financing (and also paying cash if possible) is that it allows you follow a strategy where you maximize your bargaining position.
- Determine the car you want, do basic research and test drive without buying
- Call every dealership in a 100 mile radius asking for their “Best Price”, and asking them to call you back – tell them that you have financing and can buy immediately
- Not many will call you back, but of those that do get their best price if not financed with them and their best price if financed with them (David is very right about them selling the loan more than the car)
- Haggle as best as possible on the price of the car and the trade-in – be prepared to walk away
- Profit/Savings
Note, that most of the work is done before you step on the lot to buy the car. Also that you’ve reduced as many thing as possible to a fungible category, namely the car (every new car of the same model is the same), and the APR. You’re also attracting motivated sellers much more so than if you just walk onto the lot and start negotiating then.
That’s how I do it anyway
Note – step 2 is doing most of the work in the entire process
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Videotaping police
Radley Balco, in a column on FoxNews.com has an interesting and scary article video taping police at work. Basically there have been a string of incidents recently where people videotaping police at work (in uniform, in public, performing their duties) have been charged with crimes.
It’s ridiculous. There is no reasonable expectation of privacy for a private citizen in public view, which is why traffic cameras and the legion of private security cameras are legal (recording audio is considered different by the law). Why on earth would public servants (who are supposed to work for us mind you) be immune from this?
All this would change if we made all government agencies were funded from the public treasury and weren’t self-supporting, but that’s a topic for another time I suppose.
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Battle of the Banks
I’ve been searching for a new savings account lately, and my eye has been drawn to NetBank and HSBC Direct. Netbank has more fees, but they do publish their online Average Percentage Yield, whereas HSBC has no fees, but they do not list their APY outside of their promotion.
Have any of my loyal readers had any experience with these companies?